Burckhardt Subsidiary Buys The Rest Of Arkos Group
By DJ Slater26 November 2019
Burckhardt Compression North America Services LLC, an indirect subsidiary of Burckhardt Compression, has purchased the remaining 60% of Arkos Group.
The move makes Arkos Group, the parent company of Arkos Field Services, a 100% subsidiary of Burckhardt Compression, who will consolidate the company. Arkos Group’s former majority owner and CEO Daniel Cannon will leave the company but will serve in a consultant role to Arkos Field Services.
The acquisition makes Burckhardt Compression North America Services an independent provider of equipment and services in the upstream, midstream and downstream markets.
Initially, Burckhardt Compression acquired a 40% interest in Arkos Group in December 2015. Burckhardt Compression then exercised a call option to buy an additional 20% stake in Arkos Group on July 9, 2019. At that time, Arkos released a public statement stating that all the legal formalities were not complete and that it had “no plans to change the management or ownership structure.”
The negotiations between the two companies continued, with both agreeing that Burckhardt would buy the remaining 60% of Arkos Group. According to both companies, all of the legal formalities have been resolved and neither company will disclose the details of the settlement.
Arkos Group, headquartered in Waller, Texas, specializes in gas compressor services and components. The company, whose core business is in the upstream market, has a workforce of 230 employees.